Elme Communities Announces New $500 Million Credit Facility

Company Overview - Elme Communities is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Sunbelt, along with about 300,000 square feet of commercial space [1] - The company focuses on providing quality, affordable homes to a deep, solid, and underserved base of mid-market demand, aiming to build long-term value for shareholders [1] Financial Developments - Elme Communities has successfully completed a new $500 million credit facility to replace its prior revolving credit facility, which was set to mature in August 2025 [3] - The new credit facility has a four-year term ending on July 10, 2028, and includes two 6-month maturity extension options and an accordion feature that provides an additional $500 million of capacity [3] - The initial interest rate for the new credit facility is based on adjusted daily SOFR plus a margin of 85 basis points, which may change based on Elme's credit ratings [3] Leadership Statements - Steven Freishtat, Executive Vice President and Chief Financial Officer of Elme Communities, expressed satisfaction with the completion of the credit facility recast, highlighting its role in extending the company's strong liquidity position and optimizing costs [2]